The Russians join Pirelli. Precisely at the moment of maximum tension between Europe and Russia, a maxi-operation on the Milan-Moscow axis is therefore closed. In fact, the project sees Italian banks and funds and the energy group Rosneft as protagonists, which acquires 50% of Camfin from Unicredit, Intesa Sanpaolo, Clessidra and Nuove Partecipazioni through an operation which envisages, on the one hand, the exit by Unicredit, Intesa Sanpaolo and Clessidra from the existing partnership in Lauro61/Camfin and the simultaneous partial reinvestment by Unicredit and Intesa Sanpaolo in a new partnership, also through the establishment of a special vehicle, in which Rosneft will hold 50% and the remaining 50% will be held by a newco made up of 80% of Nuove Partecipazioni and, with a 10% share each, of Unicredit and Intesa Sanpaolo.
This new partnership will therefore own the Pirelli stake currently held by Lauro61/Camfin. This was announced in a note issued by Intesa Sanpaolo. Clessidra will sell its stake in full. The divestment of Unicredit, Intesa Sanpaolo and Clessidra would take place by valuing the Pirelli stake at 12 euros per share. The operation, the technical methods of implementation of which will be fully defined in the next few days, will be subject to the approval of the competent corporate bodies of the various parties involved and to the possible authorization of the competent authorities.
At the moment the reaction of the markets is negative regarding the title Pirelli in Piazza Affari, where shortly after the opening it already lost 2,4% to 11,75 euros. Instead Unicredit flies, +3% to 6,34 euros, and Intesa Sanpaolo is more or less stationary, which shortly after 9,30 gains 0,3% to 2,16 euros.
